Author Topic: advice needed  (Read 1961 times)

rocko2527

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advice needed
« on: April 22, 2015, 06:11:32 PM »
Hi my names frank I've been lurking around here for a while now and finally decided to make an account. a little about me... Im 23 and live at home with my parents. I graduated highschool and completed a welding program while there and got a nice union welding job right out of highschool making 50k a year which is pretty good for my area. My first two years I worked mega overtime and ended up buying a new truck and four wheeler which I regret now but both are paid off. Ive managed to save another 40k the last two years and am putting away 1600 a month currently with no overtime. Ive always been interested in realestate but the more I think about it Im thinking i should invest what I have now in a mutual fund and keep it there, and in two years buy a duplex to live in one side and rent the other. The pension we have at work is very good, company is currently deposting $150 dollars into it a week and I will be able to retire in 26 years with 90% of my pay. If you were in my shoes what would you do?

mxt0133

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Re: advice needed
« Reply #1 on: April 22, 2015, 06:35:28 PM »
Welcome!  Pretty good savings for a 23 year old.  If I was in your shoes I would get rid of the truck and four wheeler and save as much money as I could while learning about investing either in stocks or real estate.  How long do you see yourself doing your job?  Can you do it for another 26 years?  If your savings rate is high enough you wouldn't have to work by the time your 35 or younger.

Hard to give you more specific advice other than keep expanding your skills so you can lower your expenses, invest what you save and then eventually you won't have to work for a living if you so choose.

rocko2527

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Re: advice needed
« Reply #2 on: April 22, 2015, 06:46:02 PM »
I don't plan on changing my career so as long as my company stays for another 26 years. Ive been looking at the VTSAX fund and VFIAX fund.

Prairie Stash

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Re: advice needed
« Reply #3 on: April 22, 2015, 07:40:25 PM »
Do you want to work for 26 years? It's your choice, not your companies.

ohana

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Re: advice needed
« Reply #4 on: April 23, 2015, 10:03:09 AM »
In your place?  I would smile.  Pensions are rare and wonderful.

But I like your idea of putting your current cash into a mutual fund (low fee, no-load, of course) and then getting into real estate investing after having a little cushion.  Do your homework now if that's what you want to do.

Good luck, sounds like you've got a good life!